Bidding war for Starwood Hotels heats up

The bidding war for Starwood Hotels is heating up. It just crossed the $15 billion threshold, as the Chinese insurance company Anbang offered $88.66 a share for Starwood, beating out a prior bid from Marriott Hotels that amounted to $14.41 billion last week. Shares of both Marriott and Starwood were up on the news. The move comes after a series of high-profile purchases by Anbang, including the Waldorf Astoria, that industry analysts say are being driven by a desire to bring Chinese assets to the U.S.